MasterCard Offers Cryptocurrency to Merchants and Banks

MasterCard has signed a deal with cryptocurrency firm Bakkt to make crypto options available to merchants and banks across its payments network, according to the company. announced company.

Banks across the MasterCard global payments network are able to offer cryptocurrency rewards via credit and debit cards.

For example, reward points can be paid for purchases such as airlines or hotels with cryptocurrency.

Consumers are also able to transfer cryptocurrencies to pay for purchases and hold digital assets through wallets via the Bakkt platform.

The company said earlier this year that it is beginning to allow its cardholders to make certain transactions with select digital currencies on its network.

It also said in July that it was working with crypto and digital asset startups as part of its efforts to make cryptocurrency more widely used by consumers.

A deal with Bakkt could significantly expand access to and adoption of cryptocurrencies. The company says there are currently more than 2.8 billion active Mastercard cards and more than 22,000 banks and financial institutions across its network.

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The cryptocurrency economy is about to expand

“Together with Bakkt and based on our principled approach to innovation, we enable our partners to offer a dynamic mix of digital asset options,” said Sherry Haymond, Executive Vice President of Digital Partnerships at Mastercard. We also provide premium and relevant consumer experiences.

“We want to offer all of our partners the ability to more easily add cryptographic services to everything they do,” she added. Our partners, whether they are banks, fintech companies or merchants, can offer their customers the ability to buy, sell and hold cryptocurrency through integration with the Baktt platform.

And the announcement could dramatically expand the ways in which ordinary people earn and spend bitcoin and other cryptocurrencies.

Together with Visa, MasterCard operates one of the dominant global payments networks. It has relationships with more than 20,000 financial institutions around the world.

Interest in Bitcoin remained high as the cryptocurrency surged this year, hitting a record price above $60,000 this month.

US regulators allowed the fund industry to offer a bitcoin-linked ETF for the first time this month. While large institutional investors such as bond giant Pimco said they are considering cryptocurrency trading.

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